The mutual banking industry is undergoing rapid transformation. Member-owned banks across Australia are facing shared challenges driven by increasing regulatory requirements and costs, rapid technological change, cybersecurity risks, and the need to achieve greater economies of scale. At the same time, consolidation across the sector has intensified over the past two decades. While our bank has shown strong resilience throughout this period, we must continue evolving to ensure we deliver the best possible value, protection and service to our members.
With this in mind, the Australian Mutual Bank board of directors has endorsed a merger with Teachers Mutual Bank. Both Australian Mutual Bank and Teachers Mutual Bank are financially sound, well-managed institutions with deeply aligned values and a long-standing commitment to supporting members, communities and essential service professions. Teachers Mutual Bank was carefully selected as our preferred partner based on its financial strength, cultural alignment, strong reputation and shared member-first focus.
The proposed merger is a proactive and strategic choice, designed to safeguard our heritage and ensure that Australian Mutual Bank brand will be retained, operating as profit-for-purpose and remaining 100% member owned. It represents a long-term opportunity that aligns directly with our members’ interests and supports our ability to continue delivering responsible, community-driven banking.
The increased scale of the merged bank will enable us to enhance the quality, convenience and value of our products and services. Importantly, members will gain access to thirteen branches across the ACT, New South Wales, Victoria and Western Australia - maintaining Australian Mutual Bank’s existing six branches and combining them with Teachers Mutual Bank Limited’s seven branches.
Our service will continue to improve. With a larger contact centre team (all based in Australia) - including extended support hours via a Perth-based team - we will be able to provide faster, more responsive assistance while maintaining the friendly, personalised service you know and trust.
As a larger organisation, we will also be able to offer even more opportunities for our people to grow and build fulfilling careers. We have made a clear commitment that there will be no forced redundancies as a result of the merger, with all jobs remaining in Australia. Importantly, the merged bank will continue to operate as a profit-for-purpose organisation and retain our B Corp Certification.
As a merged bank, we will also be better positioned to invest in modern technology, enhance cybersecurity, expand our digital capabilities, and provide lasting benefits to members, including a wider selection of competitive financial products and services, along with potential savings from reduced fees and other charges.
Coming together will create a stronger, more resilient bank - one that remains a challenger in the Australian market while staying small enough to maintain our personal touch.
Members will be asked to vote on the merger proposal at a Special General Meeting (SGM) in March 2026. As we get closer to that time, further information about the merger will be provided to help you make an informed decision, along with practical "How to vote" information.
The Australian Mutual Bank Board unanimously recommends that you vote in favour of the merger resolution at the March 2026 Special General Meeting. I encourage every member to have their say.
Mark Worthington
CEO, Australian Mutual Bank
Frequently Asked Questions about the merger
What will be the corporate name of the merged entity?
The corporate name will be Teachers Mutual Bank Limited; however, the Australian Mutual Bank brand will be retained upon merging.
What will happen to the existing bank brands?
While the Merged Bank’s legal name will be Teachers Mutual Bank Limited, the Australian Mutual Bank brand will operate alongside the Teachers Mutual Bank Limited’s brands (Teachers Mutual Bank, Health Professionals Bank, Firefighters Mutual Bank and UniBank).
What if the member vote fails to support the Merger?
The Australian Mutual Bank Board has a responsibility to ensure the long-term sustainability, viability, and success of our bank, and believes that a Merger is the best way to achieve this. If the vote to merge with Teachers Mutual Bank is unsuccessful, we will continue to pursue a merger as a strategic priority.
Will the Merger affect the member ownership structure?
No, the Merged Bank will continue to be 100% member-owned.
Will my account details change?
Some members may have a change to their member number and account details as we integrate the banks post-Merger. We’re committed to minimising any possible impact.
Will my interest rates change as a result of the merger?
Your interest rates won’t change as a result of the Merger. Just as we operate today, from time to time, there may be changes to interest rates on products. If this occurs, you’ll be notified of such changes in accordance with the terms and conditions applicable to the relevant product or service.
Will there be branch closures?
There will be no branch closures as a direct result of the merger. Post-merger, branch locations from both banks will be available to all members, so you’ll have access to an increased branch network of 13 branch locations, up from six branches today.
Will I still be able to withdraw cash from ATMs?
Yes, just as you do today, you’ll be able to withdraw cash from ATMs.
Will I still be able to access Bank@Post?
Yes, just as you can today, you will be able to conduct your banking using Bank@Post services.
What will happen to my membership?
You will cease to be a member of Australian Mutual Bank and automatically become a member of the Merged Bank.
Will employees keep their jobs?
There will be no forced redundancies as a result of the Merger. As a Merged Bank, we will bring our 750 employees together to inspire excellence and support personal and professional growth. As a larger, stronger bank, we’ll offer broader opportunities for our people to grow and build fulfilling careers.
What does it mean for community activities?
The Merged Bank is committed to continuing to support Australian Mutual Bank’s community partnerships that support stronger communities and promote fairness, diversity and inclusion, and help provide opportunities for disadvantaged children in Australia.
The Merged Bank is committed to continuing Australian Mutual Bank’s participation in the Australian Mutuals Foundation with an annual contribution of $250,000.
Will this affect our B Corp commitment?
Both Teachers Mutual Bank Limited and Australian Mutual Bank currently have B Corp certification. The Merged Bank will retain this commitment.
